A portion of a lawsuit filed against Pentegra Retirement Services in the U.S. District Court for the Southern District of New York has been dismissed but a large part remains.
The lawsuit was filed against Pentegra Retirement Services and the Board of Directors of the Pentegra Defined Contribution Plan, a multiple employer plan for which Pentegra provides recordkeeping services. The complaint alleged that Pentegra engaged in self-dealing and failed to ensure the payment of only reasonable fees by the plan.
Pentegra was able to get the allegation that Pentegra’s CEO was self dealing and breached a duty of loyalty, thrown out.